Page 52 - Issue 72

V O L .1 E L I T E ISSUE 72

regional hub for global mining companies dominated the market, But it may be the
looking for cheap and clean energy, thus reinforcement of learning and experience for
bringing in investment and hard currency countries that have succeeded in overcoming
beyond the traditional fossil fuel-based mining all of these things, making all that
industries unwarranted fear possible to dissipate.
We also see that in some traditional bank Hance I believe that if Egypt seeks to establish
finances, thousands of innovative ideas of a clear role for these digital currencies in trade
young people are ignored. to enable these transactions between these countries, it may
currencies, while it is possible to develop create a strong diplomatic coordination that
simple protection systems and train young ends with clear economic influence and
people to use them. stimulating trade for the benefit of both
At the same time, there is clear competition countries.
between countries such as Nigeria, South Taking into account that converting cash and
Africa and Kenya, which are light years ahead informal transactions into digital transactions
in this field and have very active technology recorded on the blockchain expands the tax
communities. base of the country tremendously, which
However, the Central Bank still believes that increases tax revenues.
any adoption of digital currencies poses a The idea of preventing and confronting the
threat to its control over monetary policy and openness of young investors to this type of
the stability of the Egyptian pound in innovations and not activating digital
particular, and in general for fear of the use of currency activities inside the Republic may
digital currencies in money laundering push young people enthusiastically towards
operations and financing illegal activities, risky projects without a full understanding of
threatening the country's economic security. the regulatory and security challenges, And I
fear, then foreign companies will have don't hide a secret from you I was one of these
guys one day

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